Oct 22, 2024
WASHINGTON (DC News Now) -- Consumers will soon be able to cancel subscriptions and memberships more easily after the Federal Trade Commission (FTC) announced new rules targeting businesses to ease consumer headaches. From gym memberships, streaming platforms and magazines in the mail, paying for subscriptions can certainly add up, including ones that have been long forgotten about. While the change is not expected to happen until April 2025, personal finance experts are sharing ways to take a few moments to avoid paying time and time again for unwanted subscriptions. Marion Barry’s wife calls ‘Marion Berry Knots’ at &pizza ‘racist and disrespectful’ For those looking to clean up their subscription list, consumers can consider doing a self-checked audit. "Every place that you spend money in a recurring way. So, that's usually credit cards, debit cards and digital wallets. You don't want to forget your digital wallets too," said Kim Palmer, a personal finance expert with NerdWallet. "Sometimes people have doubled up even, and they are paying for multiple music subscriptions, for example," she told DC News Now. Some apps and online services will manage subscriptions for you, including Rocket Money, Experian, Monarch Money, TrueBill and Trim. Because they offer to bear the load for the consumers seeking to track and cancel subscriptions, however, they may come at a cost. "Sometimes when you use an app to do it for you, you actually have to share your password, your username, your login information and you might want to be careful about how that's being used," Palmer cautioned. Mixed feelings arise as workers rally to revive potential Tysons Corner entertainment district Last week, the FTC announced a new rule to require businesses to make it easier to cancel unwanted subscriptions and memberships, and share when free trials and promotional periods will end. Some argue canceling subscriptions is already easy, including Robert Winterton of NetChoice, which represents members of the online business community. "Most subscriptions are very, very easy to cancel. Those that are more difficult, such as cable, for example, can be canceled, by the use of something like AI," Winterton said. If consumers sign up for a free trial, consider immediately making a calendar reminder for the lead-up of the trial expiration date to avoid being slapped with a charge you never intended to pay.
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